Stating that the current prices are not sustainable for oil-producing countries, Iraq’s Prime Minister Haider al-Abadi said his country would agree to cut down its oil production as part of Opec’s plan (Organization of the Petroleum Exporting Countries) to push crude prices higher.<\/p>\n
Al-Abadi’s comments could be critical because Iraq along with Iran has been reluctant to go along with cuts, creating an obstacle for an Opec deal, according to published reports.<\/p>\n
Al-Abadi said he understands that Opec members will agree to reduce production by between 900,000 and 1.2 million barrels per day, marking a cut ranging between 2.7 per cent and 3.6 per cent from October levels. He said it would be enough to push prices up.<\/p>\n
“Yes, we will take our share and we agreed to this,” he told the Associated Press.<\/p>\n
Benchmark international oil rose $1, or 2 per cent, on Monday to close at $48.24 a barrel. Al-Abadi said for every dollar oil prices rise, Iraq gains about $1 billion.<\/p>\n
In late 2014, as crude prices tumbled from more than $100 a barrel, Opec countries decided not to intervene as they expected falling prices to drive high-cost producers in the United States out of business.<\/p>\n
But a worldwide glut of oil has persisted and Opec has been pumping at record levels. Now the cartel is trying to regain some of its historical ability to affect prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
Stating that the current prices are not sustainable for oil-producing countries, Iraq’s Prime Minister Haider al-Abadi said his country would agree to cut down its oil production as part of Opec’s plan (Organization of the Petroleum Exporting Countries) to push crude prices higher. Al-Abadi’s comments could be critical because Iraq along with Iran has been reluctant to go along with cuts, creating an obstacle for an Opec deal, according to published reports. Al-Abadi said he understands that Opec members will agree to reduce production by between 900,000 and 1.2 million barrels per day, marking a cut ranging between 2.7 per […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-92346","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/92346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=92346"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/92346\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=92346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=92346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=92346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}